Premier Energies’ 1.5 GW solar cell, module manufacturing plant inaugurated

Hyderabad: Minister for Industries, and IT & Commerce, government of Telangana, KT Rama Rao, inaugurated a 1.5-GW solar cell and module manufacturing unit set up by Premier Energies at E-City in Hyderabad on Thursday. IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das also attended the inaugural ceremony of the manufacturing plant, which has a capacity of producing 750 MW solar cell and 750 MW solar modules.

Addressing the gathering, Das said that IREDA has provided a loan of Rs 888 crore (approximately) to Premier Energies for renewable energy projects. It is one of IREDA's oldest customers, who has an excellent track record of timely payment of loan instalments.

Commenting on the future plans of the company and renewable energy sector for the next five years, Das said that IREDA expects 5X growth in its loan book from Rs 28,000 crore (approximately) to Rs 1,35,000 crore (approximately) by FY26, with financing to the entire value chain in the renewable energy sector. It is in line with the government's target of achieving 450 GW of renewable energy by 2030. He also underlined that Telangana has a share of approximately 15 percent in IREDA's loan book, which shows IREDA's immense contribution to renewable energy development in Telangana.

Further, Das also said that as the mother organisation of the renewable energy sector, IREDA is playing a crucial role in the development of renewable energy sector through various innovative financing products, development of policies and implementation of various government schemes. IREDA, as a nodal agency of the Ministry of New & Renewable Energy (MNRE), is successfully implementing various ambitious schemes launched by the government like 12,000 MW CPSU phase-II solar project scheme and Rs 4,500-crore Production Linked Incentive (PLI) scheme for the solar manufacturing sector.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)